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Suppose that on January 1 you have a balance of $2800 on a credit card...

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Basic Math

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Suppose that on January 1 you have a balance of $2800 on a credit card whose APR is 14%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1.a. Calculate your monthly payments.b. When the card is paid off, how much will you have paid since January 1?c. What percentage of your total payment from part (b) is interest?

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